ON Semiconductor just smashed Q2 earnings with $226.8M net income and $1.6B revenue—up 9% and beating forecasts—driven by explosive AI data center demand. CEO Hassane El-Khoury predicts AI revenue will more than double by 2026, while the Power Solutions Group surged 19%. Free cash flow quadrupled to $425.4M, and they aggressively bought back stock. EPS growth outpaced revenue thanks to tighter margins. For Q3, they’re targeting $1.65B–$1.75B in revenue and $0.81–$0.93 EPS—right on or better than market expectations. Plus, they’re acquiring Synaptics, deepening ties with Nvidia, and landing new AI deals in China—all riding the AI wave.
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